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The Real Deal NYC

Land Use kills grandfather clause exempting Gamma’s tower from rezoning

The City Council Land Use Committee voted on Tuesday to remove a clause that would exempt Gamma Real Estate’s Sutton Place condo tower from a rezoning that would scale back the project. The committee nearly unanimously (with one abstention) voted in favor of approving and modifying an application that will rezone 10 blocks on the Upper East Side. The committee decided against grandfathering Gamma’s Sutton 58, meaning that if the full Council agrees, the 800-foot […]

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Global Infrastructure Partners inks lease for 1345 Avenue of the Americas

Infrastructure investment company Global Infrastructure Partners is moving across town. The private equity firm inked a 42,300-square-foot lease for the 30th floor of Fisher Brothers’ 1345 Avenue of the Americas,  located between West 54th and 55th Streets, according to the Commercial Observer. Asking rent was $95 per square foot, and the lease will last for 16 years and two months. The move will likely take place in mid-2018. Global Infrastructure Partners is currently located at […]

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Harry Macklowe’s inspirations? Matisse and Bottega Veneta

Harry Macklowe received an important lesson in labor relations on his first project of the 1960s — a loft-to-office conversion on 28th Street. With plans to renovate the building — and raise rents from $1 per square foot to $4 per square foot — the developer drove his station wagon to the Bowery, hired six laborers and put them to work with five- and 10-pound sledgehammers. He thought nothing of it when the workers begged […]

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Sales of existing US homes fall for second-straight month

Existing-home sales fell year-over-year for the second-straight month in a row a seasonally adjusted rate of 5.48 million in October, according to the National Association of Realtors. But the slowdown is more the result of a dearth of homes for sale than sluggish demand, the Wall Street Journal reported. “The housing market largely remains stuck in the same, predictable rut it has been in for the past two years or so” of demand outpacing supply, […]

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WeWork is gearing up for a big push into retail: sources

WeWork is quietly setting the stage for the launch of a brick-and-mortar retail platform as it continues to branch out into new business lines ahead of an expected public offering. Several sources told The Real Deal that work on retail concepts gained momentum over the past six months and is shaping up to be a priority for the firm. What WeWork’s retail business could look like is still unclear, but sources said extending the firm’s […]

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“We’re number two, we try harder”: How Brookfield is trying to regain the top investor crown

From TRD LA: Brookfield Asset Management would like to be more well known. It just doesn’t want to be too ostentatious about it. The company, which manages $269 billion worth of assets, has been quietly trying to increase its name recognition and publicity, efforts that CEO Bruce Flatt is spearheading, according to the Wall Street Journal. “He’s incredibly smart and doesn’t have the herd mentality,” Gray told the newspaper. “So he’ll go to Brazil when no one […]

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Hedge funder Leon Shaulov in contract to buy Southampton pad for $32M

Trophy real estate purchases seem to come in pairs in New York – one in the city, another in the Hamptons. After buying a $27 million penthouse at 56 Leonard Street earlier this year, Leon Shaulov, a hedge fund manager and former trader at the disgraced Galleon Group, has plunked down $32 million for a beachfront Southampton pad, The Real Deal has learned. The four-bedroom, 7,200-square-foot home at 134 Murray Lane was listed for $35 […]

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James Franco makes hefty profit on LA pad

From TRD LA: One might say “This Is the End” for James Franco and Silver Lake. The actor-director-screenwriter sold his Spanish-style duplex on Hidalgo Avenue for $1.35 million, roughly $401,000 above asking price and nearly double the amount he paid for it, the Los Angeles Times reported. It listed for sale just a few months ago asking $949,000. Spanning nearly 1,500 square feet, the residence includes two bedrooms, two bathrooms, a “crow’s nest” on the top […]

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How Pinnacle’s Joel Wiener became a real estate billionaire

Between 2005 and 2006, Pinnacle Group’s Joel Wiener spent a billion dollars acquiring New York City property. Now he’s actually worth $1 billion himself, according to a new Bloomberg analysis. Since 2001, Wiener’s wealth has jumped from $124 million to $1 billion, despite once being the target of tenant harassment and fraud investigations from both the New York State attorney general and the Manhattan District Attorney. His company now manages $2 billion worth of real […]

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Apartment construction showing signs of a slowdown

The red-hot U.S. apartment construction market is starting to cool down. Although the apartment supply skyrocketed in recent years, largely in response to the recession, multiple reports now show it may have reached its peak, according to Bloomberg. A new report from the U.S. Department of Commerce showed that multifamily units were being completed in October at their fastest annualized rate in about 30 years, and after hitting a 42-year high at the beginning of […]

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